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Property profile & analytics
OFF-MARKET
Estimated value
$1,635,000
Retail space
3035 New Hvn Ave West Melbourne, FL 32904-3605
Entity Owned
1-yr Hold
Free & Clear
Property ID
US18-0698638
Property summary
AI-generated overview
This exceptional investment opportunity presents a 1,900 square foot retail property, currently leased to Fifth Third Bank under a 20-year absolute NNN ground lease. The property boasts a 4.50% cap rate and a strong NOI of $180,000, with rent bumps of 10% every five years. Situated on a 0.74-acre lot at 3035 W New Haven Ave, Melbourne, FL 32904, this bank enjoys a prime location in a high-income area, near major retailers like Home Depot, Lowe's, Target, Sam's Club, and Publix. The property benefits from high traffic volume (~68,000 vehicles per day) at the signalized intersection of Minton Rd and W New Haven Ave. Built in 2024, this single-tenant property offers zero landlord responsibilities, providing passive ownership with a corporate guarantee from Fifth Third Bank, rated A- by Standard & Poor's. The lease includes four, five-year options, ensuring long-term stability and predictable income. The asking price is $4,000,000, translating to a price per square foot of $2,105.26. This is a truly exceptional investment opportunity in a thriving retail corridor of Southeast Florida.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1963
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,442 SF
Lot
0.74 ac (32,234 SF)
APN
28-36-01-76-00000.0-0035.00
UPID
US18-0698638
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.79M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.40M
Blend (final)
Blend
$1.64M
Owner & transaction history
Brown Capital Lllp · 1 yrs held
Brown Capital Lllp
since 2025
Last sale
$2.0M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.1M
+122.7%
Commercial (general)
$1.7M
+80.5%
Auto repair, garage
$1.2M
+30.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs West Melbourne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs West Melbourne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,645,000
ML approach
$1,790,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$2,080,000
Change: +123% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,685,000
Change: +80% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,215,000
Change: +30% · Conversion: Difficult
OFFICE BUILDING
$1,105,000
Change: +18% · Conversion: Easy
Blend value · Realmo final
$1.64M
Range $1.47M – $1.80M · ±10% · vs last sale $2.00M (Oct 12 2023)
Last sale anchor
$2.00M
Oct 12 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$300 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$15,284
Tax year 2023
Assessed value
$1,016,020
Assessed 2023
Previous assessed
$995,430
+2.1% YoY
Effective rate
1.50%
On assessed value
Assessed land
$448,970
Assessed improvement
$567,050
Land market value
$448,970
Improvement market value
$567,050
Total market value
$1,016,020
Applied tax rate
52.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1963
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Total area
5,442 SF
Lot
0.74 ac (32,234 SF)
APN
28-36-01-76-00000.0-0035.00
UPID
US18-0698638
Jurisdiction
BREVARD
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$2.1M
COMMERCIAL (GENERAL)
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.1M
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1963
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Lot
0.74 ac
Current owner
From public records · entity-resolved
Brown Capital Lllp
Entity
Free & Clear · 1 yrs held
Mailing address
151 SAWGRASS CORS DR STE #202, PONTE VEDRA BEACH, FL 32082-3579
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 22, 2025
$3,900,000
Brown Capital Lllp
Meadowlane W Melbourne LLC
Special Warranty Deed
—
Oct 12, 2023
$2,000,000
Meadowlane W Melbourne LLC
Melbourne SR Cgp LLC
Special Warranty Deed
—
Oct 12, 2023
—
Fifth Third Bank National Associati
2023 Meadowlane W Melbourne LLC
Lease
related
—
Nov 10, 2021
$1,225,000
Melbourne SR Cgp LLC
Pam LLC
Special Warranty Deed
$796,250 · Servisfirst Bank
May 21, 2019
$100
Pam LLC
Pamela Jo Newey Grantor
Grant Deed
—
Jun 24, 2016
—
Segovia Ventures LLC
Dmb Trust
Grant Deed
—
Jan 8, 2002
$570,000
Necmb LLC
Smp Enterprises INC
Grant Deed
$660,000 · Southtrust Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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